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The Impact of Loyalty Schemes on the Retail Segment - Research Paper Example

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The paper "The Impact of Loyalty Schemes on the Retail Segment " states that report justifies the fact that there is a positive outcome on customer loyalty programs and it definitely increases the profitability and helps the retail store in the process of business expansion…
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The Impact of Loyalty Schemes on the Retail Segment
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Download file to see previous pages Customer loyalty can be defined as the totality of positive attitudes or feelings that would urge a customer to consider the re-purchase of a particular product, service or brand or re-visit a particular company, shop or website. Customer loyalty has always been critical to business expansion, profitability and sustainability of a business.
The ladder of customer loyalty explains the different types of customers the company encounters. The aim of customer loyalty is to retain customers, as it can cost a company anything as up to six times as much to attract new customers.
Act a business promoter and advertises through word of mouth by reiterating memorable experiences with the company. Advocates act as patron to improve customer service and they influence an increase in sales and overall business. 
The Literature review enlightens us on the background research and various theories related to customer loyalty and provides an insight on the parameters which are responsible for gauging the effectiveness.
We define improvements in customer loyalty and customer knowledge as the two key benefits of loyalty programs. Furthermore, we argue that customer knowledge stimulates customer loyalty. “Customer knowledge has been recognized as an important tool to enhance customer loyalty in mass markets” (Coviello et al., 2002). When a retailer knows his customers on a segment or even individual level he can provide better customer value and develop stronger customer relationships.
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